Why We Need Globalization, Even When It Kills Wages, Jobs
From the Brexit vote to Donald Trump’s election as U.S. president to rising support for populist parties in countries like Germany and Italy, much of the electoral upheaval in Western democracies in recent years has been attributed at least partly to a backlash against globalization. But globalization does not deserve voters’ ire.
There is no doubt that globalization can leave specific groups within trading economies worse off. Those who work in industries that are susceptible to rising competition from foreign labor are especially vulnerable. Immigration increases the availability of workers who are willing to accept lower wages, effectively dragging down wages for local workers, particularly in lower-skill jobs. And offshoring enables companies to move, say, manufacturing operations to countries with larger pools of low-cost labor.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas